SOCAR’s methanol plant fulfills production plan by 80%
By Trend
The methanol plant of Azerbaijan’s state oil company SOCAR said in a message that it has produced 200,000 tons of methanol since early 2017.
According to the message, the transfer of the methanol plant to SOCAR in November 2016 helped to restore the production process.
“Thus, SOCAR has fulfilled production plan by 80 percent,” reads the message.
Production at Azerbaijan’s methanol plant, the only plant of this kind in the South Caucasus and Central Asia, started in January 2014. Currently, 95 percent of its products are exported.
The plant’s maximum annual capacity is 720,000 tons. SOCAR acquired the plant from the Aqrarkredit non-bank credit organization. The plant cost was estimated at $520 million.
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